Systemically Important Payment System

(SIPS).

A payment system which, if it fails, has the potential to trigger or transmit systemic disruptions.

This includes, among other things, systems that are the sole payment system in a jurisdiction or the principal system in terms of the aggregate value of payments, and systems that mainly handle time critical, high value payments or settle payments used to effect settlement in other Financial Market Infrastructures.

See also

• Financial Market Infrastructure
• LVPS
• Real-time gross settlement system
• Systemic risk
• Systemically Important Financial Institution